Month: December 2023

You’ve heard “Use it or lose it.” Well, when it comes to you clients’ kids, it’s “Know them or lose them.” That means, you need to get to know them well—before the clients pass away and their money transfers to the next generation, according to financial advisors and firm […] Click here to view original […]

The Internal Revenue Service recently bumped the income thresholds for its tax brackets by 5.4% for 2024, its latest adjustment to account for elevated rates of inflation. The move is unlikely to produce a material change on most Americans’ tax burdens, according to financial advisers. Rather, it is designed […] Click here to view original […]

Section 1202 of the Internal Revenue Code has long allowed taxpayers to exclude the sale of certain qualified small-business stock from federal capital gains taxes, creating a tremendous lure for investing in small businesses. “If certain requirements are met at the time of the investments, investors can exclude up […] Click here to view original […]

CPAs need to be aware of current tax developments in key states to properly advise clients doing business in multiple jurisdictions. As state and local tax jurisdictions continue to face budgetary and staffing challenges, it is crucial for CPAs to regularly monitor developments in surrounding jurisdictions. This article will […] Click here to view original […]

Individuals who own interests in a closely held family business need to address an exit strategy. In many cases, such individuals wish to have a child who is involved in the business takeover its operation at some point, often when the founder retires, becomes incapacitated, or dies. This can […] Click here to view original […]

The CTA seeks to fill those gaps by creating a new system for reporting beneficial ownership information (BOI), to be implemented through regulations created by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). On September 30, 2022, FinCEN issued a final rule governing the beneficial ownership reporting system, […] Click here to view original […]